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Turnbull calls the ACCC over power prices

Turnbull calls the ACCC over power prices

The Turnbull government has opened new front in its push on energy affordability by ordering the competition watchdog to conduct a review into retail electricity prices.

Amid growing opinion that the National Electricity Market has failed consumers and re-regulation may be needed, Prime Minister Malcolm Turnbull and Treasurer Scott Morrison will today sool the Australian Competition and Consumer Commission onto the power retailers.

The ACCC will be given until June 30, 2018 to issue a final report, which will be in the lead-up to the next federal election.

In a joint statement with his Treasurer, Mr Turnbull flagged either greater intervention, regulation or use of enforcement powers by the ACCC, depending on the findings.